On Wednesday, the Bureau of Labor Statistics (BLS) in the US is scheduled to release its latest survey on headline inflation in the US. The consensus forecasts project a 0.2 percentage point increase in the Consumer Price Index to be recorded for February.
If those expectations are met, the overall inflation in the states will reach 2.7 per cent, which will shoot up away from the 2 per cent symmetric target level of the FED.
US Inflation Rate. Image source: TradingEconomics.com
The prices of some crucial goods, such as medicine and food, can be expected to rise due to heightened demand among consumers in the US, as the coronavirus panic continues to grow and people start supplying themselves with essentials.
Moreover, the lower interest rate in the states, which was surprisingly cut on the 4th of March, is likely to stimulate aggregate spending in the country. As a consequence, the expected hike in inflation is likely to be additionally bolstered.
The USDCAD soared today in the wake of the oil price war between Saudi Arabia and Russia, but some of its gains were promptly negated by the subsequent retracement of the price action.
The inflation data release is anticipated to increase the underlying volatility that is currently driving the greenback.
USDCAD 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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